Real gross domestic product growth reaches 5.2% in January

Georgia’s economy is growing steadily, show the latest data from the National Statistics Office of Georgia (Geostat).

The estimated real gross domestic product (GDP) growth rate in January 2017 amounted to 5.2 percent year-over-year (y/y), said Geostat.

The World Bank Group projects Georgia’s economic growth will hit 4.5 percent in 2017 and five percent in 2018.

The International Monetary Fund (IMF) expects four percent growth for Georgia’s economy in 2017.

Global rating agency Fitch Ratings forecasts 4.2 percent growth in 2017 for Georgia.

As for government authorities, Georgia’s Prime Minister Giorgi Kvirikashvili had earlier stated the goal was to achieve six percent in 2017.

In his interview with Bloomberg, Georgia’s Finance Minister Dimitry Kumsishvili said economic growth may exceed five percent in 2017 thanks to tax cuts and planned infrastructure spending, helping to ease pressure on the nation’s ailing currency.